LONDON — Gold hit a record high near $1,900 an ounce in Monday trade as lingering fears of a fresh global recession caused dealers to snap up the precious metal regarded as a safe-haven investment.

Gold struck an all-time peak of $1,894.80 on the London Bullion Market, beating its high of $1,878.15 recorded last Friday.

It stood at $1,880 in afternoon London deals.

"Gold has marked a new record high for the third straight (trading) day, at almost $1,900," Commerzbank analysts said in a note to clients.

"This psychologically important mark is likely to be tested ... soon in the current market climate and is probably not a serious hurdle. Uncertainty and nervousness are still high among market players."